Thank you, that question is coming up more and more now. In fact, there are 60,000 people moving into the Lower Mainland this year.
There are a couple of different ways to do this. There’s the “New to Canada” program, which gives you 95% financing. The down payment has to come from your own funds, not gifted. You need a confirmed income stream. We would also have to see a Canadian credit bureau.
The other one is an equity program, which means if you have 25% down, you can do that. Without a Canadian credit bureau though, you have to provide some statement of liquid assets so we can see what you’re bringing into the country and prove that you can actually exist here.
Catch Bill Macklem of Dominion Macklem Mortgages at BilliMac.com every Saturday morning at 10am on the AM650 Radio Real Estate Show in Metro Vancouver with host Tom Lucas and Sheri Brown.